I. Political Pressure and Midterm Fears Drive Safe-Haven Demand

A Reuters/Ipsos poll showed US President Donald Trump's approval rating dropped to a term low of 33%, with 84% expressing concern over prolonged Middle East military involvement. Soaring energy prices and cost-of-living pressures are dampening voter sentiment ahead of November's midterm elections, bolstering safe-haven bids for precious metals.

II. Price Action: V-Shaped Recovery Above Key Moving Averages

After opening at $4,336.58/oz and testing an intraday low of $4,324.62, spot gold experienced active bargain hunting. Prices steadily advanced to an intraday high of $4,363.19 before consolidating around $4,356.76 (+0.52%). Gold reclaimed key short-term moving averages, with MA20 ($4,351.40) and MA30 ($4,351.02) flattening to form solid dynamic support.

III. Technical Indicators: Shift to Strong Buy with Short-Term Overbought Signals

On the 30-minute timeframe, technical ratings shifted to Strong Buy (7 bullish, 2 neutral, 1 bearish):

RSI(14): 52.36 (returned to neutral-bullish territory)

ADX(14): 20.00 (neutral, downward momentum halted)

MACD(12,26): -1.96 (bearish histogram narrowing significantly)

STOCH(9,6): 77.68 (active buy signal)

StochRSI(14): 85.28 (short-term overbought warning)

Indicators confirm solid buying interest off $4,324, though overbought StochRSI suggests possible consolidation near $4,351 before testing $4,363 resistance.

Conclusion

US political uncertainty and cost-of-living headwinds provided fresh support for gold. Spot gold successfully reclaimed $4,351 moving average support. Traders should monitor whether gold can hold above $4,351 to build momentum toward $4,363.